E Bullish Day Two

Canadian Algonquin Power & Utilities Corp. (NYSE: AQN) announced Q3 financial results in US dollars:

Q3 2019 Financial Highlights

  • Revenues of $365.6 mn, consistent with the previous year but below consensus;
  • Adjusted EBITDA (cashflow) of $186.9 mn, a y/y increase of 13%;
  • Adjusted net earnings of $69.2 mn, a y/y increase of 39%;
  • Adjusted net earnings per share of $0.14, a rise from last Q3 of 40%;
  • Adjusted Funds from Operations of $120.1 mn, a year-over-year decrease of 6%.

Please note that Algonquin is not covered by either Investor's Digest of Canada or Value Line, and I do the work on it myself. So why did I wait for the conference cal before writing this article? It is a green utility with hydro and wind power production and also diversified into water supply. 

It is not just Donald Trump who reminds me of a Mafia boss. The Empire State where my business is incorporated is also prone to threats typical of cement-shoe gangsters. Yesterday I received a formal note from Albany threatening my company with penalties and interest and garnisheeing of corporate funds because of a hitherto-unknown tax liability they claim over my corporate accounts for 2018. The tax assessed amounted to $0.00 but the State of NY sought interest of $2.05 on this 'debt' and then assessed a penalty of $51.25, bringing the total to $53.30. My accountant, whom I called, will deal with this threat gratis, having prepared corporate taxes for my company, d/b/a Global Investing, since its founding.

Clearly I am not the only one being harassed - if you phone the tax office, the wait time is 18 to 24 minutes. The website only lets you pay the vigorish, not object to it. Nobody picked up after 24 minutes. I then found the direct line for businesses, which was not on the claim form, and got through to a clerk who said the whole bill will be waived because it was an error, but the form will take 3 months to be sent to me. At least I avoided the accountant.

The poor victims of our Mafioso president do not get any refunds. We have a corporate report from Deutschland and other big news from Israel plus items from Japan, Australia, Hong Kong, Canada, Mexico, Spain, Italy, Ireland, Belgium, Finland, Denmark, Switzerland, South Africa, Brazil, and the USA.

Finance

*Allianz SE today reported Q3 net profit up 0.6% from prior year at euros 1.95 bn and revenues rose 8.1% to euros 33.4 bn. However operating profit fell by 0.1% in this year from last, to euros 2.98 bn. AZSEY forecast that full year operating profit will be at the high end of its earlier target of euros 11-12 bn. The German insurer is spending euros 800 mn to take a 4% stake in Taikang Life Insurance, a biggie in China. Germany also produced good export numbers.

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Comments

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Gary Anderson 3 months ago Contributor's comment

Good grief. Only NY would charge interest on zero dollars, lol. And then a penalty for paying the interest on zero balance late! There is aggravation for you but also it is absurdly funny.

Cynthia Decker 3 months ago Member's comment

Sorry you had to go through this. It's a great example of our pointless bureaucracy at its best.